Notes to Accounts of Howard Hotels Ltd.

Mar 31, 2015

1. Terms/Right attached to Equity Shares

The company has only one class of equity shares having par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends only in Indian
rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.

The company is operating mainly in one segment i.e. Running of Hotel
Business. Hence, Segment Reporting as defined in accordance with
Accounting Standard 17 issued by the Institute of Chartered Accountants
of India is not applicable.

5. In the opinion of Board of Directors, all the Current Assets, Loans
and Advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated and that
all the known liabilities have been provided for.

6. The company has not given any loans or advances in the nature of
loans which are required to be disclosed pursuant to clause 32 of the
Listing Agreement.

7. In the opinion of Board of Directors, none of the assets / cash
generating units of the Company is impaired.

8. The company is in the process of compiling the requisite list of
micro, small and medium enterprises under the MSMED Act which has come
into force recently and in the absence of information in this regard,
the particulars required by the aforesaid Act have not been given.

9. The estimated useful lives of fixed assets other than intangible
assets have been revised in accordance with Schedule II to the
Companies Act 2013, with effect from 1 st April 2014. Pursuant to the
above mentioned changes in useful life of assets, the depreciation
expense for the year ended 31 March 2015 is lower by Rs.20.43 lacs.
Further the Company has charged Rs.7.91 lacs (net of tax) from reserves
in respect of assets whose estimated life had already expired.

10. Previous Year figures have been regrouped and rearranged, wherever
applicable.

Related party disclosures as required under Accounting Standard - 18 on
"Related Party Disclosures" issued by The In- stitute of Chartered
Accountants of India are as given below as on 31st March ,2013:

4. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel
Business. Hence, Segment Reporting as defined in accordance with
Accounting Standard 17 issued by the Institute of Chartered Accountants
of India is not applicable.

5 In the opinion of Board of Directors, all the Current Assets, Loans
and Advances have a value on realization in the ordinary course
of business at least equal to the amount at which they are stated and
that all the known liabilities have been provided for.

6 The company has not given any loans or advances in the nature of
loans which are required to be disclosed pursuant to clause 32 of
the Listing Agreement.

7 In the opinion of Board of Directors, none of the assets / cash
generating units of the Company is impaired.

8 The company is in the process of compiling the requisite list of
micro, small and medium enterprises under the MSMED Act which
has come into force recently and in the absence of information in this
regard, the particulars required by the aforesaid Act have not been
given.

9 Previous Year figures have been regrouped and rearranged, wherever
applicable.

Mittal Fragrances Pvt. Ltd. : Company in which directors'' are
interested

Rishi Real Estates India Pvt. Ltd. : Company in which directors'' are
interested

De-Exquisite : Firm in which directors'' relative are interested

D''Craft : Firm in which directors'' relative are interested

C a A Restaurant India Pvt. Ltd : Company in which director'' s are
interested

Shri Nath Exports (India) Pvt.Ltd : Company in which director'' s are
interesteed

3. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel
Business. Hence, Segment Reporting as defined in accordance with
Accounting Standard 17 issued by the Institute of Chartered Accountants
of India is - not applicable.

4. In the opinion of Board of Directors, all the Current Assets,
Loans and Advances have a value on realization in the ordinary course
of business at least equal to the amount at which they are stated and
that all the known liabilities have been provided for.

5. The company has not given any loans or advances in the nature of
loans which are required to be disclosed pursuant to clause 32 of the
Listing Agreement.

6. In the opinion of Board of Directors, none of the assets/ cash
generating units of the Company is impaired.

7. The company is in the process of compiling the requisite list of
micro, small and medium enterprises under the MSMED Act which has come
into force recently and in the absence of information in this regard
the particulars required by the aforesaid Act have not been given.

9.Information as per order no.46/133/96-CL III dated 10.5.1996 issued
by Ministry of Law, Justice of Company Affairs, the company has been
exempted from disclosure of quantitative details.

10.Previous Year figures have been regrouped and rearranged, wherever
applicable.

Mar 31, 2012

A. Terms/Right attached to Equity Shares

The company has only one class of equity shares having par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends only in Indian
rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.

b) In respect of Sales Tax Rs. 2.32 Lacs (net of advance) (P.Y. Rs.
8.54 Lacs net of advance), as the appeal has been filled with the
concerned department.

2. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel
Business. Hence, Segment Reporting as defined in accordance with
Accounting Standard 17 issued by the Institute of Chartered Accountants
of India is not applicable.

3. In the opinion of Board of Directors, all the Current Assets,
Loans and Advances have a value on realization in the ordinary course
of business at least equal to the amount at which they are stated and
that all the known liabilities have been provided for.

4. The company has not given any loans or advances in the nature of
loans which are required to be disclosed pursuant to clause 32 of the
Listing Agreement.

5. In the opinion of Board of Directors, none of the assets/ cash
generating units of the Company is impaired.

6. The company is in the process of compiling the requisite list of
micro, small and medium enterprises under the MSMED Act which has come
into force recently and in the absence of information in this regard,
the particulars required by the aforesaid Act have not been given.

8. Information as per order no.46/133/96-CL III dated 10.5.1996 issued
by Ministry of Law, Justice of Company Affairs, the company has been
exempted from disclosure of quantitative details.

9. Till the year ended 31st March,2011, the company was using
pre-revised Schedule VI to the Companies Act, 1956 for preparation and
presentation of financial statements. During the year ended 31st
March,2012, the revised schedule VI notified under Companies Act,1956
has become applicable to the Company. The adoption of revised schedule
VI does not impact recognition and measurement principles followed for
preparation for financial statements. However, it significantly impacts
presentation and disclosures made in the financial statements,
particularly presentation of balance sheet. As a result, previous
years' figures have been regrouped/ reclassified to conform to this
year's financial statements where necessary.

Mittal Fragrances Pvt. Ltd. : Company in which directors' are
interested

Rishi Real Estates India Pvt. Ltd. : Company in which directors' are
interested

Fragrance De Energy : Firm in which directors' relative are interested

Exquisite : Firm in which directors' relative are interested

D'Craft : Firm in which directors' relative are interested

Segmental Reporting 5.

The company is operating mainly in one segment i.e. Running of Hotel
Business. Hence, Segment Reporting as defined in accordance with
Accounting Standard 17 issued by the Institute of Chartered Accountants
of India is

3. In the opinion of Board of Directors, all the Current Assets, Loans
and Advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated and that
all the known liabilities have been provided for.

4. The company has not given any loans or advances in the nature of
loans which are required to be disclosed pursuant to clause 32 of the
Listing Agreement.

5. In the opinion of Board of Directors, none of the assets/ cash
generating units of the Company is impaired.

6. The company is in the process of compiling the requisite list of
micro, small and medium enterprises under the MSMED Act which has come
into force recently and in the absence of information in this regard,
the particulars required by the aforesaid Act have not been given.

7. Information as per order no.46/133/96-CL III dated 10.5.1996
issued by Ministry of Law, Justice of Company Affairs, the company has
been exempted from disclosure of quantitative details.

8. Figures have been rounded off to the nearest rupee.

9. Previous Year's figures have been regrouped and/or rearranged to
conform to those of current year's figures wherever necessary.

2. In accordance with the Accounting Standard -22 relating to
accounting for taxes on income issued by the Institute of Chartered
Accountants of India, made applicable w.e.f. lst April, 2001. During
the year under consideration, the company has generated net profit and
as prudence, company has recognized deferred tax assets/ Deferred tax
liabilities.

3. Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on
"Related Party Disclosures" issued by The Institute of Chartered
Accountants of India are as given below as on 31st March ,2010:

Mittal Fragrance Pvt. Ltd. : Company in which directors are
interested

Rishi Real Estate India
Pvt. Ltd. : Company in which directors are
interested

Fragrance De Energy : Firm in which directors relative
are interested

De Exqusite : Firm in which directors are
interested

DCraft : Firm in which directors relative
are interested

4. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel
Business. Hence, Segment Reporting as defined in accordance with
Accounting Standard 17 issued by the Institute of Chartered Accountants
of India is not applicable.

5. In the opinion of Board of Directors, all the Current Assets,
Loans and Advances have a value on realization in the ordinary course
of business at least equal to the amount at which they are stated and
that all the known liabilities have been provided for.

6. The company has not given any loans or advances in the nature of
loans which are required to be disclosed pursuant to clause 32 of the
Listing Agreement.

7. In the opinion of Board of Directors, none of the assets/ cash
generating units of the Company is impaired.

8. The company is in the process of compiling the requisite list of
micro, small and medium enterprises under the MSMED Act which has come
into force recently and in the absence of information in this regard,
the particulars required by the aforesaid Act have not been given.

9. Term of Issue of Share Warrants:

An amount of Rs. 114.50 Lacs being 25 % of the total sum has been
received on account of preferential allotment of 1800000 warrants at a
price of Rs. 12.25 per warrant, by the Company during the financial
year 2008-09. As on 31st March, 2010, the Company has not utilized the
same and the same is lying in deposit/current account with the
scheduled bank of the Company.

10. Information as per order no.46/133/96-CL 111 dated 10.5.1996
issued by Ministry of Law, Justice of Company Affairs, the company has
been exempted from disclosure of quantitative details.

11 Figures have been rounded off to the nearest rupee.

12 Previous Years figures have been regrouped and/or rearranged to
conform to those of current years figures wherever necessary.